The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-06-22
FIDELITY NATIONAL BANK |
OF CINCINNATI CLOSED AS AN
INsOLvENT INSTITUTION.
The Liabilities Exclusive Of the Cap.
ital stock, About $5,5O0, 600
Mr.. Harper q Ruined Man.

CINCINNATI, u, June Il. - The
Fidelity National Bank wss closed
this morning by order OF the govern
ment, through its representative, Mr..
Eugene Powell. A meeting Of the
Board OF Directors was called at 7
o'clock this morning, end is now in
ses7ion. NJ means OF aecertaining
their action exists. The doors Of the
bank are closed, and policemen within
and without guard the entrance against
everybody except persons having bust
ness with the safe deposit department
OF the bank.
The sidewalks are lined with peo
Pile in the vicinity, who are quietly
discussing the situa ion withouG even
knowing that a government bank ex.
aminer has been here, or that the
doors are closed by government au-
thority. No notice has bsen posted,
and the only information given at the
deor Is that tie doors are absolutely
closed to everybody except persons
having property in the cafe deposit
vaults.
Ono lrste deposltor created scene
by forcing himself half way into the
door, when he received heavy blow
ir the face from some one inside, aud
was finally taken away by the officers.
He said he left his money and his
bank book in there yesterday and he
wanted at least his book. No hing at
all Is known yet of the action of reor-
gauiEa ion, as suggested by leaving out
the three officers named in these dis.
patches last night. II will BIS the duty
Of the directors to make this change II
IL Ia made at all.
0ne Of the officials Of the hank this
msrning assured friend who had en-
trance to the safe deposit vaults that
the bank would pay every dollar it
owed. The general feeling has been
that the bank is strong enough, but q
feeling OF mistrust has become en-.
gendered from various causes against
few of the officers.
The Commercial Gazette In an editorial
thus refers to this feeling: "Cincin.
natl is financially very sound. II any
OF our moneyed institutions have
been involved in spsculstions, it is
only necessary to eliminate the specu.
lative element and proceed under safe
conditions. There is nothing to justi-
fly apprehension, and such disturb
auce as go,sips may promote, but can
not remedy"
Later.-It is now stated that the di.
rectors have determined upon the ap.
pointment of receiver to take charge
OF the business, and an effort is being
made to obtain one. Mr.. Griffith, OF
the Citizens National, has been sug.
gested, but it is thought he will not
accept.
1880 A.M.-The directors meeting
has closed, but the doors still remain
impossible, being guarded by a door
keeper and policeman within and sew
eral policemen on the outside. The
crowd has ali gone, and aside from the
policemen at the door and the few
knots Of people along the square dis.
cushing the situation, there is nothing
to indicate the occurrence OF anything
more than usual.
At the meeting OF directors thif
morning Mr.. Powell, the bank exam
liner, announced that owing to the i'm
pairment OF the banks resources the
government would take charge OF it
and would appoint q receiver to WIND
| mp the business. 1t is said, unofficial
ly, that the alternative was given o
continuing In business by reor
| ganixation which would leave out Vice
President Harper, Cashier Baldwin
and Assistant Cashier Benz. K. Hop.
kins, but that the directors were un.
able TO sgree upon such plan or were
unwilling to take the risk OF run fol.
lowing the interference of the govern.
ment The outcome, however, was
the appointment Of Mr.. John Il. De-
camp, vics-president OF the Metropoli-
tan bank, receiver, and he was placed
in charge OF the banks affairs.
IL is now stated that the Clearing
House settlements for me past few
days have shown "a Unusual drain on
their resources. Besides this, many
banks cave kept their checks out o.
TO Clearing House as favor. There
ere numsr ous rumors sAoat concern
ing the cause of the action OF tht
Bank Examiner. Vice-pleeiden
Harper, who has borne q heavy strait
for the past week, is much DISTRESSED
this morning-calls himself ruinet
man and is in q high state Of excite
ment. A conservative director says
il is his opinion that the depositor
will get their money in full.